Apple Q1 profits up 94%

Apple’s profits rose 94% year on year to $11.6bn in the first quarter of this year, with revenues soaring 59% to $39.2bn, driven by sales of 35 million iPhones and 11.8 million iPads worldwide.

These latest results secure Apple’s place as head of the smartphone pack and contrast sharply with Nokia and RIM’s poor performance for the same period.

The quarterly results to 31 March 2012 also addressed the markets' concerns about weak sales and a possible shortage of key components, which had prompted the company’s shares to fall by 12% since 9 April.

Analysts had predicted profit of $10.02 per share on revenue of $36.9 billion. However, Apple’s share price rose to $12.30 per share following Apple’s results.

Apple CEO Tim Cook said: ‘We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter. The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.’

Sales of the iPad more than doubled to 11.8 million compared with the same period last year, when it sold 4.7 million, with figures indicating a continuing rise overall this year. Since its launch in 2010, over 67 million iPads have been sold worldwide.

Apple CFO Peter Oppenheimer added: ‘Our record March quarter results drove $14bn in cashflow from operations. Looking ahead to the third fiscal quarter, we expect revenue of about $34bn and diluted earnings per share of about $8.68.’

Cook said Apple had had its best ever quarter in China, with revenue of $7.9bn, three times higher than the year before. China delivered 20% of sales, up from 12% last year. Cook said there will be ‘a lot more opportunity’ in China with the introduction of the iPad and plans to expand Apple’s operations there.